European Stocks Move Upward On Banking Confidence

London, UK (AHN) - Europeans gained ground Wednesday rising slightly as higher financial stocks balanced retailers buffeted by bumpy economic currents.

The pan-European Dow Jones Stoxx 600 added 0.1 percent to 283 after Tuesday losing 2.2 percent after oil prices hammered banking.

The UK FTSE climbed 0.3 percent to 5,494 as investors await an expected quarter-point increased in interest rates Thursday by the European Central Bank.

Banks were buoyed after Deutsche Bank announced it will likely report a second-quarter profit when it announces results July 31. In response Swiss banking giant UBS rose 1.7 percent while France's Natixis gained 6.7 percent.

Countering good news from banking were reports from retailers hit by slower sales.Upscale clothier Marks & Spencer dropped 20 percent after announcing sales ended June 28 fell 5.3 percent. Likewise, British builder Taylor Wimpey stock fell 50 percent on news it could not raise more money.

Elsewhere, France's CAC-40 was unchanged at 4,341 and Germany's DAX 30 rose 0.6 percent to 6,354.